Low interest rate kills money fund income dream messy performance comparison benchmark expecting unification

From the four quarter of last year, about 5% of the average annual income to the end of the first quarter of the year about 1.4% of the annual income, Money market fund earnings are changing. Meanwhile, in the first quarter, money-market funds suffered the biggest redemption ratios. According to the Galaxy Securities Fund Research Center, when the quarterly Money market fund was about to face net redemption of 162.6 billion yuan, the single quarter redemption ratio is about 42%.　　The same as the fixed Income fund in the Bond fund, when the quarter of the net redemption ratio of 65 billion yuan. Income backward, large proportion of redemption, directly resulted in the end of the first quarter money market fund overall performance comparison benchmark. Reporter statistics found that despite the wide range of performance benchmarks for the fund, such as demand deposit rate, one-year fixed deposit, six-month deposit, seven-day notice deposit interest rate and so on, the yield range ranged from 0.36%~2.25%, but in the quarter of the 54 monetary funds included in the statistical aperture (A,　　b Two is calculated according to two), and about 40 funds lost their performance benchmarks in the quarter. In this respect, the Jiang Saichun Research Center of the Trust Fund, money market funds for a long time not clear earnings expectations, has been as a fund company to improve the product line supplement, only in the partial-stock fund suffered a large shrinkage, marketing adverse to reflect its value.　　From the current trend, the benchmark of performance of such funds may gradually revert to the demand deposit rate. Liquidity over yield liquidity and profitability for the money fund who is more important?　　Previous answers were once the latter. Relevant statistics show that 2007 years of the year, the annual yield of the Monetary Fund reached 4.49%, the same year, the central vote of 4.03%, and in the four quarter of 2008, after several significant interest rate cuts, and the IMF's annual yield is reached a staggering level of 4.92%, the IMF relies on "　　The unconventional tactics such as long debt short to do "and" hidden coupons "play a game of profit between the interbank market and the counterparty, thus bringing the income level of the Money fund to a high historical position. However, the rapidly rising level of earnings is short-lived. Great Wall Securities Fund analyst Shangong to reporters, the SFC last November to make a risk tip, the Fund is strictly prohibited to do long debt and possession of securities and other operations, February this year, the SFC and the central government debt registration and clearing limited liability company signed a memorandum of cooperation supervision, the CSRC will provide money market fund transaction data　　Thus real-time monitoring of transaction behavior.　　Zhang Jianhui, a research center at the National Gold Securities Fund, said that in the context of low market interest rates, the rate of return on money market funds would remain at the current low level, but it still had an alternative advantage over current savings.　　But the immediate consequence of the decline in yields is the volume of redemption.　　Jiang Saichun said that, as Low-risk, low-yielding varieties, in the first quarter of the stock market signs of a significant rally, the redemption tide is understandable, this part of the configuration has never been a hot market, so will not be eye-catching, will return to the cash management instinct, from the liquidity point of view to give the product line supplement. BEIJING A fund company Personage admits,Many of the mainland's Fund products themselves are very vague, if the pursuit of a higher rate of return on the fund, it is better to buy the same as fixed income products in the pure debt base, but also in the lower risk controllable premise, at least can achieve more than 5% of the income. "Most of the money fund portfolios are currently capped at a 180-day duration," he said.　　"Liu Mingjun Securities fund analyst," said the current status of the cargo base, although the poor earnings, but because of the long term difference, the chief functional liquidity of a long neglected base has been fully safeguarded, as is evident in the fact that most bases use current savings to protect liquidity and try to avoid the usual demand-loss response to sudden-onset redemptions. In the first quarter of the money-fund rankings, based on the "liquidity" demand deposit interest rate as a benchmark for performance benchmarking, the base of the first-quarter money market fund (level a) of the Galaxy Securities Fund Research Centre, which is based on the relative emphasis on "yield", was set as a benchmark for performance.　　The top three Citic Cash advantage, Morgan Stanley Huaxin currency, financing easy to pay the currency are based on "one-year deposit" as a benchmark for performance.　　The two approaches to unifying the benchmark may be commonplace, but the fund's messy performance benchmarks are in dire need of normative harmonization. Jiang Saichun introduced that 2006 years ago, the old Money fund more than one-year fixed long-term interest rates as a benchmark for performance, and after 2006, the six-month time deposit or the demand deposit interest rate as the benchmark, and the old cargo base did go through a high yield of the glorious time,　　For example, it has indirectly shared some of the gains from the IPO in the form of reverse repurchase, but the money market funds have been lost in the wake of the rollercoaster-like impact of the rate-cutting cycle that has been going through in the past two years. Beijing, a fund analyst analysis, in fact, this is the mainland to look at the performance benchmarking, in foreign countries only to emphasize the long-term performance of the fund to outperform the benchmark, and domestic demand is not only to win, but also a substantial stand on the basis of performance comparison.　　This kind of thinking mode that mainly involves the partial stock fund is also spread to money market fund, so in the previous round of interest rate hike period, the goods base has set off "change long to short" to reduce the performance benchmark tide, so at least in channel propaganda will be more face. The reporter noted that in the history of the freight base, this more obvious change in performance benchmark Tide began in the early 2008, the Chinese cash increase, the most recent one is the February 2009 middle of the exchange of Fu money market fund.　　For example, on the latest issue of the date, the notice of February 19 was changed from "The after-tax interest rate fixed by the bank" to "after-tax demand deposit rate".　　Still, most industry insiders agree that shorter deposit rates are the direction of the benchmark development of base performance. Zhongzheng, an analyst at the Fund Research Center, said it would be more appropriate to use a six-month deposit rate because the portfolio is basically a 180-day duration limit. Jiang Saichun said that the IMF's function was not an investment vehicle, but rather cash management, so it should be used as a unified standard for demand deposit rates.Quasi。　　According to the reporter's calculations, in the existing 54 money market funds, the use of demand deposit interest rates and one-year fixed shares of the equal, are 17, using six-month deposit as the benchmark of 11, using the bank seven days notice deposit rate of 9. But another idea is to create a bond index that adapts to the base of the stock. "As the fund is now heavily equipped with bonds, it should design a bond index based on the overall proportion of its allocation and thus become a benchmark for performance that is generally accepted by the IMF."　　"Trust Securities fund analyst Ren pupil suggestion." Take the CITIC cash advantage of last year's earnings champions, also the first-quarter earnings champions. At the end of the first quarter, the total holdings of bonds accounted for about 65.56% of the net assets, more than half, of which the enterprise short-term financing coupons were 46.96% and the policy financial debt was 18.6%.